RAYONIER, L.P. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2025	Mar. 31, 2024
OPERATING ACTIVITIES
Net income		$ (3,085)	$ 2,306
Adjustments to reconcile net income to cash provided by operating activities:
Non-cash cost of land and improved development		2,399	2,953
Stock-based incentive compensation expense		2,281	3,218
Deferred income taxes		(1,048)	(1,004)
Pension settlement charge		0	5,673
Other		8,754	1,899
Changes in operating assets and liabilities:
Receivables		(687)	(7,493)
Inventories		(1,506)	565
Accounts payable		1,131	8,537
All other operating activities		(8,367)	(1,439)
CASH PROVIDED BY OPERATING ACTIVITIES		27,699	52,298
INVESTING ACTIVITIES
Real estate development investments		(4,087)	(5,483)
Other		(2,674)	302
CASH USED FOR INVESTING ACTIVITIES		(21,438)	(24,049)
FINANCING ACTIVITIES
Repurchase of common shares made under repurchase program		(2,623)	0
Distributions to noncontrolling interests in consolidated affiliates		(1,911)	(1,713)
CASH USED FOR FINANCING ACTIVITIES		(116,477)	(75,087)
EFFECT OF EXCHANGE RATE CHANGES ON CASH		28	(956)
CASH, CASH EQUIVALENTS AND RESTRICTED CASH
Change in cash, cash equivalents and restricted cash		(110,188)	(47,794)
Balance from continuing operations, beginning of year		323,107	180,362
Balance from discontinued operations, beginning of year		20,093	28,012
Total Balance, beginning of year		343,200	208,374
Balance from continuing operations, end of period		216,919	142,784
Balance from discontinued operations, end of period		16,093	17,796
Total Balance, end of period		233,012	160,580
Cash paid during the period:
Interest	[1]	(1,882)	800
Income taxes	[2]	3,117	1,845
Non-cash investing and financing activity:
Capital assets purchased on account		3,798	7,330
Issuance of common shares from special dividend		200,454	0
Continuing Operations
INVESTING ACTIVITIES
Capital expenditures		(12,023)	(15,260)
Discontinued Operations
INVESTING ACTIVITIES
Capital expenditures		(2,654)	(3,608)
Continuing Operations
Adjustments to reconcile net income to cash provided by operating activities:
Depreciation, depletion and amortization		23,493	33,063
Discontinued Operations
Adjustments to reconcile net income to cash provided by operating activities:
Depreciation, depletion and amortization		4,334	4,020
Cash paid during the period:
Income taxes	[2]	2,900	1,600
Rayonier Limited Partnership
OPERATING ACTIVITIES
Net income		(3,085)	2,306
Adjustments to reconcile net income to cash provided by operating activities:
Non-cash cost of land and improved development		2,399	2,953
Stock-based incentive compensation expense		2,281	3,218
Deferred income taxes		(1,048)	(1,004)
Pension settlement charge		0	5,673
Other		8,754	1,899
Changes in operating assets and liabilities:
Receivables		(687)	(7,493)
Inventories		(1,506)	565
Accounts payable		1,131	8,537
All other operating activities		(8,367)	(1,439)
CASH PROVIDED BY OPERATING ACTIVITIES		27,699	52,298
INVESTING ACTIVITIES
Real estate development investments		(4,087)	(5,483)
Other		(2,674)	302
CASH USED FOR INVESTING ACTIVITIES		(21,438)	(24,049)
FINANCING ACTIVITIES
Distributions on units	[3]	(111,905)	(73,343)
Repurchase of units to pay withholding taxes on vested incentive stock awards		(38)	(31)
Repurchase of common shares made under repurchase program		(2,623)	0
Distributions to noncontrolling interests in consolidated affiliates		(1,911)	(1,713)
CASH USED FOR FINANCING ACTIVITIES		(116,477)	(75,087)
EFFECT OF EXCHANGE RATE CHANGES ON CASH		28	(956)
CASH, CASH EQUIVALENTS AND RESTRICTED CASH
Change in cash, cash equivalents and restricted cash		(110,188)	(47,794)
Balance from continuing operations, beginning of year		323,107	180,362
Balance from discontinued operations, beginning of year		20,093	28,012
Total Balance, beginning of year		343,200	208,374
Balance from continuing operations, end of period		216,919	142,784
Balance from discontinued operations, end of period		16,093	17,796
Total Balance, end of period		233,012	160,580
Cash paid during the period:
Interest	[4]	(1,882)	800
Income taxes	[5]	3,117	1,845
Non-cash investing and financing activity:
Capital assets purchased on account		3,798	7,330
Issuance of common shares from special dividend		203,135	0
Rayonier Limited Partnership | Continuing Operations
INVESTING ACTIVITIES
Capital expenditures		(12,023)	(15,260)
Rayonier Limited Partnership | Discontinued Operations
INVESTING ACTIVITIES
Capital expenditures		(2,654)	(3,608)
Rayonier Limited Partnership | Continuing Operations
Adjustments to reconcile net income to cash provided by operating activities:
Depreciation, depletion and amortization		23,493	33,063
Rayonier Limited Partnership | Discontinued Operations
Adjustments to reconcile net income to cash provided by operating activities:
Depreciation, depletion and amortization		$ 4,334	$ 4,020

[1] Interest (received) paid includes patronage payments received of $7.7 million and $8.1 million for the three months ended March 31, 2025 and March 31, 2024, respectively. For additional information on patronage payments, see Note 7 — Debt in the 2024 Form 10-K. Interest (received) paid for the three months ended March 31, 2025 and March 31, 2024 includes $0.7 million and $0.8 million, respectively, from discontinued operations.

[2] Income taxes for the three months ended March 31, 2025 and March 31, 2024 includes $2.9 million and $1.6 million, respectively, from discontinued operations.

[3] The three months ended March 31, 2025 includes an additional distribution of $1.80 per unit, consisting of a combination of cash and units. The cash portion of $68.7 million was paid on January 30, 2025, to holders of record on December 12, 2024. The three months ended March 31, 2024 includes an additional cash distribution of $0.20 per unit, totaling $30.2 million. The additional distribution was paid on January 12, 2024, to holders of record on December 29, 2023.

[4] Interest (received) paid includes patronage payments received of $7.7 million and $8.1 million for the three months ended March 31, 2025 and March 31, 2024, respectively. For additional information on patronage payments, see Note 7 — Debt in the 2024 Form 10-K. Interest (received) paid for the three months ended March 31, 2025 and March 31, 2024 includes $0.7 million and $0.8 million, respectively, from discontinued operations.

[5] Income taxes for the three months ended March 31, 2025 and March 31, 2024 includes $2.9 million and $1.6 million, respectively, from discontinued operations.